Nigel Farage moves to block “Britcoin” plans over claims they could cost billionaire donor

Key Points

• Nigel Farage, Reform UK leader, used a private meeting at the Bank of England to urge governor Andrew Bailey to drop plans for a state-run cryptocurrency called “Britcoin” (a digital pound) .
• Farage told crypto enthusiasts at Zebu Live in London that he regarded the Bank’s digital pound plans with “total and utter horror” and said he would be “prepared to go to prison” to stop Britcoin if it relied on digital ID .
• The billionaire backer of Reform UK is Christopher Harborne, who has donated £25m to Reform (about two-thirds of its funding) and gave Farage an undisclosed £5m personal gift revealed by The Guardian in April 2024 .
• Harborne is a minority shareholder (around 12%) in Tether, the issuer of the world’s most widely traded stablecoin; if his share of Tether’s profits matches his stake, he could earn about £1bn a year .
• Tether’s stablecoins are pegged to government currencies and allow easy exchange between crypto and fiat; the company, registered in El Salvador with a small staff, has reported profits surpassing Netflix and Coca-Cola .
• Industry body Digital Currencies Governance Group (DCGG), which represents Tether, submitted to the Bank and Treasury in 2021 warning that Britcoin could cause users to switch away from stablecoins and “stifle growth and innovation” .
• DCGG argued authorities should develop “a regulated market for private stablecoins” rather than restrict illegal activity via central bank digital currencies (CBDCs) .
• Stablecoins like Tether’s are used by users who want to avoid identity disclosure; billions have been used by Russian sanction-breakers, Asian “pig-butchering” scam operators, North Korean hackers, British drug gangs and transnational criminals, though Tether says it collaborates with law enforcement in dozens of countries .
• Farage frames his opposition to Britcoin as a fight for freedom from an over-powerful state and worries it would rely on digital ID, though the Bank has not said this would be required .
• Anna Turley, chair of the Labour party, said she would write to the financial regulator to ask it to investigate Farage’s actions .
• Harborne’s lawyers described allegations as “unsupported insinuations, hallucinations, and conspiracy theories bearing no basis in reality” and said “Mr Harborne will not comment on fantasy” .
• A Reform spokesperson called the allegations “utter rubbish” and said “Nigel’s only focus is on saving the country” .
• Harborne was registered as a DCGG lobbyist in 2020–21 under EU lobbying records, seeking to influence Brussels’ crypto policy, and met staff of at least one MEP from the Czech Pirate party .
• Harborne’s lawyers said there is no evidence his DCGG activities were undertaken for or on behalf of Tether .
• Farage and Reform MP Richard Tice met Bailey at Threadneedle Street (Bank of England) in September 2024; Farage asked directly whether Bailey was still progressing Britcoin plans, and Bailey replied “Yes” .
• At Zebu Live, Farage told Bailey: “Listen mate, you’re being a dinosaur,” and claimed Bailey changed his plans as a result; Bank officials say they are considering options to address stablecoin risks after consultation .
• The Bank refused a freedom of information request for details of Farage’s meeting, saying disclosure would likely “inhibit the free and frank provision of advice” .
• Tim Picton of Spotlight on Corruption said the Bank should disclose full minutes of the meeting with Farage and Tice, urging transparency on vested interests shaping crypto regulation .
• A Bank of England spokesperson said Farage’s meeting was “part of the Bank’s engagement with political representatives” and acknowledged his “differing view” from the governor; the Bank is drawing up crypto policy with feedback from industry, academia and the public .
• Deepfakes have circulated online depicting Farage beating up Bailey in a falsified TV appearance, promoting crypto scams .
• In September 2024, Farage praised Tether on LBC radio, saying London should embrace crypto and become a global trading centre for it, shortly after Harborne gave Reform a record £9m .

London (Britain Today News) June 18, 2026 — In the heart of London’s financial district, Nigel Farage has been quietly pressing the Bank of England to abandon plans for a state-run cryptocurrency known as “Britcoin,” citing fears over digital identity and centralised control — even as the move could protect the crypto fortunes of his party’s billionaire backer, Christopher Harborne.

What is the core allegation about Farage and Britcoin?

Nigel Farage has been trying to block a Bank of England cryptocurrency plan that could be costly for the billionaire bankrolling his party . The Reform UK leader used a private meeting at the Bank to urge governor Andrew Bailey to drop plans for a state-run alternative to the digital currency that has made his Thailand-based benefactor one of the richest people in the world . Farage’s opposition to the proposal for “Britcoin” is so strong that, after the meeting last September, he told an audience of crypto enthusiasts he would be “prepared to go to prison” to stop it, footage of the event shows .

Who is Christopher Harborne and why does Britcoin matter to him?

Christopher Harborne wants nothing in exchange for the millions he has donated to the party and the undeclared £5m personal gift to Farage that the Guardian revealed in April . Harborne’s £25m in donations to Farage’s Reform UK, formerly the Brexit party, account for about two-thirds of its funding . He is one of a handful of tech figures who own Tether, the company that issues the world’s most widely traded cryptocurrency .

Tether’s digital cash, known as stablecoins, is pegged in value to government-issued currencies, allowing users to exchange their money easily between the two . Registered in El Salvador with a small staff, Tether’s reported profits have surpassed those of Netflix and Coca-Cola . If Harborne’s share of the profits is equal to his 12% stake, that would give him about £1bn a year . Those profits could fall, however, if the Bank’s governor, Andrew Bailey, proceeds with the Britcoin plan, which could cut demand for stablecoins such as Tether’s, according to a submission to the central bank by an industry body that represents the company .

What exactly did Farage say at Zebu Live about Britcoin and digital ID?

Farage told October’s Zebu Live event in London he regarded the Bank’s plans for a digital pound with “total and utter horror” . He recounted the meeting he and his fellow Reform MP, the property developer Richard Tice, held at Threadneedle Street with Bailey .

“I asked him straight: ‘Are you still progressing your plans for a British central bank digital currency?’ And the answer was: ‘Yes,’”

Farage said.

At the Zebu Live event, Farage told Bailey:

“Listen mate, you’re being a dinosaur,”

and claimed Bailey changed his plans as a result .

“I don’t want to live in a country with a central bank digital currency,”

he told the crypto event . He added:

“I’m prepared to go to prison to stop us having [central bank digital currencies] administered under digital ID. That is how committed I am,”

according to footage and reporting by The Guardian .

Why does Farage claim he opposes Britcoin?

Like his advocacy for crypto in general, Farage frames his position on central bank digital currencies as part of a campaign for freedom from an over-powerful state . Rather than linking his opposition to the possible threat to companies such as Tether, he claims to be concerned that Britcoin would rely on a digital ID system . Some critics have made this claim, but the Bank has not said this would be the case .

How could Britcoin affect Tether’s profits and Harborne’s income?

According to a submission to the central bank by the Digital Currencies Governance Group (DCGG), an industry body representing what it describes as a “full spectrum of key stakeholders in the ecosystem, including Tether,” there was a “significant risk” that users might switch away from stablecoins such as Tether’s to the state-run digital currency, “stifling growth and innovation” . The DCGG submission said that although “some argue that central bank digital currencies will restrict illegal activity”, the authorities should instead develop “a regulated market for private stablecoins” .

If Britcoin cuts demand for stablecoins like Tether’s, Harborne’s annual income from Tether could fall from an estimated £1bn a year .

What evidence links Harborne to crypto lobbying and policy influence?

EU lobbying records say Harborne was registered as a DCGG lobbyist in 2020–21, seeking to influence Brussels’ crypto policy . He met the staff of at least one MEP, from the liberal Czech Pirate party . Harborne’s lawyers point out there is no evidence his activities in connection with DCGG were undertaken for or on behalf of Tether .

Harborne also appears to have invited DCGG’s boss to a Conservative fundraising dinner in 2022, a period when he had temporarily switched his donations from Farage to the Tories . Francesca Salierno, formerly an aide to a Ukip MEP, joined Harborne at the Victoria & Albert Museum for the exclusive event in June 2022 . That was shortly after Boris Johnson’s government had announced its crypto policy, which included proposals for regulating stablecoins .

How has The Guardian described the financial relationship between Farage and Harborne?

The Reform UK leader has said Christopher Harborne wants nothing in exchange for the millions he has donated to the party and the undeclared £5m personal gift to Farage that the Guardian revealed in April . Harborne’s £25m in donations to Farage’s Reform UK account for about two-thirds of its funding .

What have Labour and Reform said about Farage’s actions?

Anna Turley, chair of the Labour party, said she would write to the financial regulator to ask it to investigate Farage’s actions, as reported by The Guardian . A Reform spokesperson said: “This is utter rubbish. Nigel’s only focus is on saving the country,” according to The Guardian .

What have Harborne’s lawyers said in response to the allegations?

Harborne’s lawyers said they contained “a number of unsupported insinuations, hallucinations, and conspiracy theories bearing no basis in reality” but did not give detailed responses, adding:

“Mr Harborne will not comment on fantasy,” .

What did Farage and Richard Tice say during their September meeting at the Bank of England?

Farage recounted the meeting he and his fellow Reform MP, the property developer Richard Tice, held at Threadneedle Street with Bailey .

“I asked him straight: ‘Are you still progressing your plans for a British central bank digital currency?’ And the answer was: ‘Yes,’”

Farage said . At the Zebu Live event, Farage said he told Bailey: “Listen mate, you’re being a dinosaur,” and claimed Bailey changed his plans as a result .

What is the Bank of England’s position on disclosing details of Farage’s meeting?

The Bank has refused a freedom of information request for details of Farage’s meeting with Bailey, saying that

“disclosure would be likely to inhibit the free and frank provision of advice,”

as reported by The Guardian . A Bank of England spokesperson said Farage’s meeting with Bailey was

“part of the Bank’s engagement with political representatives”

and acknowledged his “differing view” from the governor . The Bank was drawing up cryptocurrency policy with “feedback … from industry, academia, and the public,” according to the spokesperson .

What do campaign groups want the Bank to disclose?

Tim Picton, of the campaign group Spotlight on Corruption, said:

“The Bank of England should disclose the full minutes of its meeting with Farage and Richard Tice last year. With the government at a critical stage of developing its landmark regulatory framework for crypto assets, it is vital that we have more transparency around the key players and vested interests trying to shape it,”

as reported by The Guardian .

How are deepfakes being used to portray Farage and Bailey?

Farage’s dislike of Bailey’s governorship has recently become the subject of deepfake memes promoting crypto scams that depict the politician beating up the central banker at a falsified TV appearance, as reported by The Guardian .

What has Farage said about Tether and London’s role in crypto?

In the UK, the company has a champion in Farage. Talking up Tether on LBC radio in September, the month after Harborne gave Reform a record £9m, Farage said:

“Stablecoins, crypto, this world is enormous, and I’ve been urging for years that London should embrace it. We should become a global trading centre for this stuff,”

according to The Guardian .

How are stablecoins used by criminals and why does Tether claim it cooperates with law enforcement?

Tether stablecoins are popular as an alternative to currencies plagued by inflation, and to pricey money-transfer services . Billions in Tether stablecoins – which users can buy and sell without revealing their identity – are known to have been used by Russian people breaking sanctions, Asian perpetrators of “pig-butchering” romance scams, North Korean hackers, British drug gangs and transnational organised criminals . The company’s representatives say it collaborates with law-enforcement agencies in dozens of countries, as reported by The Guardian .

What is Tether’s corporate structure and how has it performed under Trump?

Founded by a reclusive Italian former plastic surgeon, Tether does not publish full accounts or undergo audits . It has found favour in the US under Donald Trump, who appointed its banker, Howard Lutnick, as his commerce secretary . A reported investigation into dirty money flowing through its digital currency appears to have ceased .
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What attribution is required here?

All the statements, quotes and factual claims above are attributed to reporting by The Guardian, which covered this story and provided the core details on Farage’s meeting, Harborne’s donations, Tether’s profits, DCGG’s submission, Labour’s response, Reform’s rebuttal, Harborne’s lawyers’ comments, the FOI refusal, Tim Picton’s call for transparency, deepfake memes, Farage’s LBC radio remarks, and the Bank’s spokesperson response .

Why does this matter for UK crypto regulation now?

The case is politically significant because Farage, as Reform UK leader, is using his access to the Bank of England to oppose a central bank digital currency while his party’s funding is heavily dependent on a crypto billionaire whose business interests could be harmed by that same digital currency . The overlap between Farage’s public stance and Tether’s commercial position has raised questions about transparency and vested interests in the UK’s emerging crypto regulatory framework .

What are the next steps for regulators and the Bank?

Bank officials have said that following a consultation they are considering this and other options to address risks posed by stablecoins, as reported by The Guardian . Labour chair Anna Turley is preparing to write to the financial regulator to ask for an investigation into Farage’s actions . Campaigners are urging the Bank to publish full minutes of the meeting with Farage and Tice to ensure transparency .